Arvinas (ARVN) Wells Fargo 21st Annual Healthcare Conference summary

Business and capital priorities

• VEPPANU, invented and advanced through regulatory approval, is reaching patients through its new commercializer.

• Four clinical programs are approaching data milestones over the next ~15 months: ARV-393, SBMA, ARV-102 and ARV-6723.

• Cash guidance extends into 2H 2028, beyond the anticipated milestones; investment will prioritize areas where internal development makes sense, with partnering where appropriate.

• G12D degrader advancement depends on finding a partner; operating focus is on efficiency and reaching key clinical milestones.

ARV-393 in lymphoma

• Phase I dose-escalation data are expected by year-end 2026, with the initial update weighted toward T-cell lymphoma; the study includes dozens of patients across pre-efficacious and efficacious dose ranges.

• B-cell lymphoma doses reached the expected efficacious range only in recent months; a 2027 update is planned for DLBCL monotherapy and combination data.

• Preclinical models indicate ~90% BCL6 degradation is needed to affect tumor proliferation and induce apoptosis; rapid protein resynthesis drives the need for high degradation.

• Second-line AITL therapies provide a 35%-40% response-rate benchmark; management emphasized proof of concept and clear efficacious exposure in the dose-escalation update.

• Development outlook includes late-line monotherapy and earlier-line combinations; a glofitamab combination is underway under a Roche supply agreement, with other combinations under consideration.

ARV-102 in neurodegeneration

• Phase I studies in Europe are complete in healthy volunteers and Parkinson’s patients; additional biomarker data are planned for MDS in October 2026.

• U.S. clinical start shifted from 2026 to 2027 after FDA requested completed chronic-tox data; that package was submitted, with regulatory discussions ongoing across the U.S., Europe and Japan.

• PSP remains the lead indication, with a trial start anticipated in 2027 after regulatory discussions this fall; Parkinson’s disease is a longer-term opportunity.

• Preclinical comparisons indicated 50-fold greater pathway engagement than BIIB122; data showed dose-dependent changes in GPNMB and CD68, plus synaptic-plasticity biomarkers and eye-tracking measures planned for October.

• PSP was selected for supporting biomarker and genetic evidence and measurable functional change within a year; the approach aims to affect endolysosomal turnover, tau, neuroinflammation and synaptic plasticity.